How to score in financial reporting.

CA Deril Lobo (.) (143 Points)

24 January 2014  
Hello everyone..Here i will give u a simple strategy in simple words..The books needed here is mp vijaykumar for fr and mp vijaykumar plus padhukas(only for solving problems)for accounting standards.. Here u have to divide this subject into 3 parts.. 1)Accounting stds and other small chapters(halwa) 2)Valuation(master it and it wil be a halwa) 3)Consolidation and Amalgamation(jack of these 2 will still be a master in financial reporting) Wats the idea? As u can see above the basic idea is to master around 70 percent of the portion and know more than just the basics of the other 30 percent.here u have to master the valuation chapter by solving each and every prob in mp vijaykumar book..for other 2 big chapters u solve basic problems and learn other problems with finger(also make note of all adjustments n few probs to revise the day before exams)..im not telling to avoid these 2 topics..wat im saying is u hv to study valuation chapter in such a way tat u can sikve any problem of that chapter and u have to study other 2 in such a way that u shud be able to work out tat problem in exam in step by step approach..next to have to understand concept and solve and master all the small miscalleonous topics from mp vijaykumar book(also have a last moment smart revision plan here)..next u have understand all accounting standards from mp vijaykumar and with the help of these concepts solve all problems(only problems) from padhukas..Here last day smart revision plan is a must..here in exams first u shud go after all small topics,accounting standards sums and valuation problem first..dont panic just be calm since this is ur first paper..here completing paper in three hours is also a crucial factor to score good marks..At the end u bring a situation where u have around 15 to 20 mins and u have to choose any 1 between 2 big 16 marks problem(likely to be consolidation and amalgamation).here pick a problem which u find lil easy and start with basic step by step approach(for eg preparing purchase consideration journal entries etc and then pick up pace and try completing the whole problem with whatever basic knowledge u have)..dont leave anything..with this strategy u can surely score 70 plus in this paper..idea behind this strategy is instead of dividing and giving equal time in all subjects and not be sure what to attempt in exam u give more time to simple scoring topics and try to score there and try to be a fox with 101 tricks for rest of 30 percent of portion. Above was just my view and any query/comments are welcomed. Thank you..All the best:)